Coherent, Inc. (COHR) Cash Flow Statement
Where COHR’s cash came from and went, FY2026
June 30, 2026 · U.S. dollars- Cash from operations
- $79.5M −87.5% vs FY2025
- Capital expenditures
- $1.11B 15.6% of revenue
- Free cash flow
- −$1.03B −14.5% margin
- Returned to shareholders
- $11.4M
- Change in cash
- $135.5M cash at year-end $1.77B
Cash from operations
$79.5M
Capital expenditures
−$1.11B
Investments (net)
−$735.6M
Acquisitions & other
+$432.0M
Dividends
−$11.4M
Net borrowing (repayment)
−$478.3M
Shares issued
+$2.00B
Other financing
−$31.7M
Currency & other
−$7.4M
Change in cash
$135.5M
Drawn to scale: where the cash came from and how it was used. Hover for values.
COHR operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
COHR cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $118.6MFY2017 | $79.5MFY2026 | −4.3%/yr | |
| Capital expenditures | $138.5MFY2017 | $1.11BFY2026 | +26.0%/yr | |
| Free cash flow | −$19.9MFY2017 | −$1.03BFY2026 | — | |
| Free cash flow margin | −2.0%FY2017 | −14.5%FY2026 | −12.4 pts | |
| Operating cash flow / net income | 1.24FY2017 | 0.10FY2026 | −1.14 | |
| Stock-based compensation | $11.8MFY2017 | $186.5MFY2026 | +35.9%/yr | |
| Dividends paid | $20.3MFY2021 | $11.4MFY2026 | −10.9%/yr | |
| Share buybacks (net) | $4.1MFY2017 | $54.0MFY2025 | +37.9%/yr | |
| Capex / revenue | 14.3%FY2017 | 15.6%FY2026 | +1.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
COHR cash flow by activity
OperatingInvestingFinancingChange in cash
COHR net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
COHR cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $786.9M | $30.1M | −$156.2M | −$259.5M | $234.8M | $297.6M | −$67.0M | $107.5M | $88.0M | $95.3M |
| Depreciation & amortization | $521.9M | $553.6M | $559.8M | $681.7M | $286.8M | $270.1M | $220.9M | $92.4M | $80.8M | $63.6M |
| Stock-based compensation | $186.5M | $160.2M | $126.0M | $148.9M | $73.2M | $71.0M | $68.5M | $21.9M | $15.3M | $11.8M |
| Change in working capital | −$1.10B | −$208.1M | $104.3M | $124.6M | −$191.7M | −$103.2M | $76.1M | −$45.4M | −$31.3M | −$48.8M |
| Other non-cash items | −$313.6M | $97.8M | −$88.3M | −$61.7M | $10.2M | $38.9M | −$1.2M | $2.0M | $8.3M | −$3.2M |
| Cash from operating activities | $79.5M | $633.6M | $545.7M | $634.0M | $413.3M | $574.4M | $297.3M | $178.5M | $161.0M | $118.6M |
| Investing activities | ||||||||||
| Capital expenditures | −$1.11B | −$440.8M | −$346.8M | −$436.1M | −$314.3M | −$146.3M | −$136.9M | −$137.1M | −$153.4M | −$138.5M |
| Investments (net) | −$735.6M | $0 | $0 | — | — | — | — | — | — | — |
| Acquisitions & other investing | $432.0M | $26.6M | −$3.9M | −$5.49B | −$5.8M | −$26.6M | −$1.04B | −$86.9M | −$131.5M | −$38.7M |
| Cash from investing activities | −$1.41B | −$414.2M | −$350.7M | −$5.93B | −$320.1M | −$173.0M | −$1.18B | −$224.0M | −$284.9M | −$177.2M |
| Financing activities | ||||||||||
| Dividends paid | −$11.4M | −$11.4M | −$34.5M | −$27.6M | −$34.5M | −$20.3M | — | — | — | — |
| Share repurchases & issuance (net) | — | −$54.0M | −$22.3M | −$54.2M | −$21.2M | −$19.7M | −$1.6M | −$1.6M | −$49.9M | −$4.1M |
| Net borrowing (repayment) | −$478.3M | −$434.9M | −$228.9M | $2.38B | $913.1M | — | — | — | — | — |
| Shares issued | $2.00B | $0 | $0 | $1.40B | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$31.7M | $48.6M | $1.04B | −$145.5M | $5.6M | $715.7M | $1.18B | $6.5M | $146.8M | $115.7M |
| Cash from financing activities | $1.48B | −$451.7M | $758.3M | $3.55B | $863.0M | $675.7M | $1.17B | $4.9M | $97.0M | $111.6M |
| Summary | ||||||||||
| Net change in cash | $135.5M | −$156.8M | $952.1M | −$1.74B | $990.5M | $1.10B | $288.2M | −$42.2M | −$24.9M | $53.4M |
| Cash at end of period | $1.77B | $1.63B | $1.79B | $837.6M | $2.58B | $1.59B | $493.0M | $204.9M | $247.0M | $271.9M |
| Free cash flow | −$1.03B | $192.8M | $198.9M | $198.0M | $99.0M | $428.0M | $160.4M | $41.4M | $7.6M | −$19.9M |
| Free cash flow margin | −14.5% | 3.3% | 4.2% | 3.8% | 3.0% | 13.8% | 6.7% | 3.0% | 0.7% | −2.0% |
| Capex / revenue | 15.6% | 7.6% | 7.4% | 8.5% | 9.5% | 4.7% | 5.8% | 10.1% | 13.2% | 14.3% |
| Operating cash flow / net income | 0.10 | 21.08 | — | — | 1.76 | 1.93 | — | 1.66 | 1.83 | 1.24 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $236.2M | $181.7M | $143.8M | $225.2M | $29.9M | $1.8M | $101.5M | $24.9M | −$47.0M | −$15.7M | −$28.5M | −$67.5M |
| Depreciation & amortization | $140.6M | $132.9M | $126.0M | $122.4M | $117.8M | $146.6M | $134.5M | $65.9M | $143.6M | $139.7M | $138.0M | $138.4M |
| Stock-based compensation | $50.4M | $49.1M | $42.8M | $44.1M | $160.1M | $41.0M | $40.7M | $35.0M | $28.7M | $25.3M | $26.5M | $46.0M |
| Change in working capital | −$291.9M | −$392.3M | −$259.4M | −$158.6M | $137,165 | −$44.0M | −$46.3M | −$46.8M | −$2.6M | $7.3M | −$32.4M | $132.1M |
| Other non-cash items | −$65.8M | −$65.2M | $4.7M | −$187.2M | −$177.7M | $17.7M | −$43.1M | $74.1M | $39.6M | −$39.1M | −$36.5M | −$50.1M |
| Cash from operating activities | $69.5M | −$93.8M | $57.9M | $46.0M | $130.3M | $163.0M | $187.4M | $153.0M | $162.3M | $117.4M | $67.2M | $198.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$562.9M | −$289.7M | −$153.6M | −$103.9M | −$131.3M | −$111.8M | −$105.7M | −$92.0M | −$99.9M | −$93.2M | −$91.5M | −$62.2M |
| Investments (net) | $40.6M | −$807.7M | — | $296.8M | −$130.7M | −$111.7M | −$106.1M | −$65.7M | −$101.7M | −$93.4M | −$91.5M | −$64.2M |
| Acquisitions & other investing | −$292,000 | $48.0M | $15.1M | $103.9M | $131.3M | $111.8M | $105.7M | $92.0M | $99.9M | $93.2M | $91.5M | $62.2M |
| Cash from investing activities | −$522.6M | −$1.05B | −$138.5M | $296.8M | −$130.7M | −$111.7M | −$106.1M | −$65.7M | −$101.7M | −$93.4M | −$91.5M | −$64.2M |
| Financing activities | ||||||||||||
| Dividends paid | −$11.4M | −$11.4M | −$11.4M | −$11.4M | −$11.4M | $0 | $0 | — | $0 | −$6.9M | — | — |
| Share repurchases & issuance (net) | $44.6M | $44.6M | −$7.2M | −$37.4M | $48.9M | −$3.9M | −$13.1M | −$32.0M | −$3.5M | −$1.3M | −$3.7M | −$13.9M |
| Net borrowing (repayment) | $26.2M | −$160.6M | $41.8M | −$385.7M | −$50.6M | −$134.1M | −$132.4M | −$117.9M | — | — | — | −$18.7M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$58.2M | $1.98B | $19.9M | $13.1M | −$52.1M | $18.0M | $4.6M | $24.2M | −$58.1M | −$30.7M | $880.3M | $14.7M |
| Cash from financing activities | $1.2M | $1.85B | $43.1M | −$421.5M | −$65.2M | −$120.0M | −$140.8M | −$125.7M | −$61.6M | −$38.8M | $876.6M | −$17.9M |
| Summary | ||||||||||||
| Net change in cash | −$457.4M | $697.0M | −$24.1M | −$80.0M | $6.9M | −$42.6M | −$113.8M | −$7.2M | −$2.8M | −$28.2M | $875.8M | $107.3M |
| Cash at end of period | $1.77B | $2.23B | $1.53B | $1.55B | $1.63B | $1.63B | $1.67B | $1.78B | $1.79B | $1.79B | $1.82B | $944.9M |
| Free cash flow | −$493.4M | −$383.5M | −$95.7M | −$58.0M | −$1.1M | $51.1M | $81.7M | $61.0M | $62.4M | $24.2M | −$24.3M | $136.6M |
| Free cash flow margin | −24.1% | −21.2% | −5.7% | −3.7% | −0.1% | 3.4% | 5.7% | 4.5% | 4.7% | 2.0% | −2.1% | 13.0% |
| Capex / revenue | 27.5% | 16.0% | 9.1% | 6.6% | 8.6% | 7.5% | 7.4% | 6.8% | 7.6% | 7.7% | 8.1% | 5.9% |
| Operating cash flow / net income | 0.29 | −0.52 | 0.40 | 0.20 | 4.35 | 92.33 | 1.85 | 6.15 | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
COHR cash generation
In fiscal 2026 (ended June 30, 2026), Coherent generated $79.5 million of cash from operations (down 87.5%) and spent $1.1 billion on capital expenditures, leaving free cash flow of -$1.0 billion, −14.5% of revenue. It returned $11.4 million to shareholders through dividends ($11.4 million) and net share buybacks ($0). Cash and equivalents rose by $135.5 million over the year.
Related: COHR income statement, COHR balance sheet. See the COHR stock overview for the latest quote and news.
COHR cash flow FAQ
What is Coherent's free cash flow?
Coherent's free cash flow was -$1.0 billion in fiscal 2026: $79.5 million of operating cash flow minus $1.1 billion of capital expenditures It was $192.8 million a year earlier..
How much cash does Coherent generate from operations?
Coherent generated $79.5 million of cash from operating activities in fiscal 2026, 0.10 times its net income of $786.9 million.
How much does Coherent spend on capital expenditures?
Coherent spent $1.1 billion on capital expenditures in fiscal 2026, 15.6% of revenue, compared with $440.8 million the year before.
How much does Coherent pay in dividends?
Coherent paid $11.4 million in dividends in fiscal 2026.